Speed up energy transition in less developed countries. It is the goal of Global Energy Alliance for People and Planet, a $10 billion fund with the Rockefeller Foundation, Ikea Foundation, Jeff Bezos' Earth Foundation and other international financial institutions, including Italy as a co-investor. This was announced by the Minister of Ecological Transition, Roberto Cingolani during the Cop26, the conference on climate change in Glasgow.
In detail, the alliance was born from the need to help the poorest countries in tackling the costs of the ecological transition to achieve the goal of net zero emissions. While these countries are currently responsible for only 25% of global CO2 emissions, their share of emissions could grow to 75% by 2050. Despite this, these countries currently receive only 13% of clean energy funding. This trend can only be reversed if fossil fuels are abandoned.
It starts with a donation of 10 billion dollars, but the ambition is to mobilize 100 billion dollars over the next decade – in public and private capital – with three main objectives: to reach one billion people with clean and renewable energy ; avoid and prevent four billion tons of carbon emissions and create the conditions to create over 150 million jobs in activities related to the ecological transition.
THEItaly will put 10 million euros, "a small figure compared to what large private groups can move", specified Cingolani. “But we are not asked for money, but rather a contribution of ideas and a function of guarantor. In a few months, the Mild gave a hand to the birth of this initiative”.
This fund, underlined the minister, "was also born with a small contribution of Italian ideas: we are co-investors as the Ministry of Ecological Transition with a financial commitment of 10 million" and Italy is at the forefront of a "group of ten states that are entering the fund. These are States that share the commitment to reduce social inequalities: an aspect without which the fight against climate change is incomplete", concluded the minister
Leading the alliance are the Rockefeller foundation e Ikea while Italy, United Kingdom and Denmark join as co-organisers. Investment partners also include African Development Bank Group, Asian Development Bank, European Investment Bank, Inter-American Development Bank, International Finance Corporation, UK CDC Group, US International Development Finance Corporation and the World Bank. The Bezos Earth Fund has also said it will donate $500 million to the initiative. The fund for the environment created by the patron Bezos has already committed 1 billion for the restoration of ecosystems and reforestation, a similar figure has instead been allocated to the reduction of greenhouse gases emitted by agriculture. To the sum is added another billion dollars, to conserve 30% of the pristine areas of land and sea.
Furthermore, the Ministry of Ecological Transition has decided to allocate an annual budget of around 3-4 million euros to make the youth climate conference, the Youth4Climate, organized by the Italian government in September in Milan before PreCop26.
This concludes the session hosting the Heads of State and Government in Glasgow. From November 3, space will be given to the negotiators, with the aim of drafting a final document before the final event, set for Friday November 12. Almost thirty years after the first Climate Conference we are perhaps at a decisive change of direction to respond concretely to the challenge of climate change.
